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So you have decided to delegate your landlord duties to a property management company like FCS Community Management. That's a good decision and will save you a lot of time and hassle down the road. However, before you pick a property manager to take over, you should take the time to find the right company for the job. Here are 5 questions to ask before you sign a contract for property management. How Are Maintenance Requests Handled? The most annoying thing about having tenants may be having to deal with maintenance requests. Whether the dishwasher broke or the toilet clogged, it's important to be available for your renters when they need you. Most property management companies have a hotline for tenants to call as well as an emergency number for after hours. Depending on your agreement with the property management team, they may either decide to take care of the repairs or hire a contractor to do it. As long as the maintenance gets done quickly to keep your tenants happy and your property in good repair, all is well. How Is Turnover Addressed? A profitable rental property ideally has low turnover. Of course it's inevitable that tenants move. After all, some may want to buy their own home; and some may leave the area altogether for a variety of reasons. However, if none of your tenants renew their leases, then there is something else going on that needs to be addressed. Here are a few pain points that can irritate tenants and may be the cause of high turnover: • Excessively high rents • Improperly maintained apartments • Unresponsive property management It's important that your property management company keeps an eye on your tenants and their needs. While you can't make everyone happy, you should strive to keep the majority of your tenants for several years. How Is the Property Maintained? While property managers have to take care of your tenants, they also have to keep your property maintained or ensure that this gets done. Whether your property needs a roofing inspection, exterior paint, improved landscaping, or something else, your property manager is the person who keeps an eye on all of these things. If you want to know how good a property management is about maintaining properties, then you should take a look at some of their current customers. If the properties are in good shape, then chances are good they'll do the same for yours. How Is the Accounting Handled? Besides having a well-run property, you also want to have concise accounting documents. While you'll need to have all of the financial details for tax time, it's imperative for you to take a look at monthly statements as well. Good property management companies keep meticulous records of rent receipts, late fees, repair costs, and more. If you don't keep an eye on your expenses, then you might find yourself in shock later during the year. If your management team exceeds your repair budget, then you need to address this before it gets out of hand. Better yet, you should have a written agreement designating a spending limit that can't be exceeded without your approval. How Much Does It Cost? After you've received satisfactory answers to the above questions, it's time to talk about costs. Naturally, hiring someone else to take care of your property is not going to be free. Nevertheless, you'll find that a good management company like FCS Community Management are worth the fees they charge. Not only can they improve your tenant satisfaction, tenant turnover, property value, and financial record keeping, but they can save you a lot of valuable time and frustration. At FCS Community Management, we provide property management and association management throughout the entire Wasatch Front. Visit our page on http://www.utahcommunitymanagement.net/ for more info!
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